Some material also goes to an unnamed US technology and industrial company, under a deal penned in the first quarter of 2026.
In the same quarter a year ago, the largest portion of MP’s sales by revenue—mined material, not NdPr—went to China’s Shenghe Resources. But MP has stopped selling to Shenghe as part of its deal with the US government.
MP ultimately plans to produce its own magnets at scale, which would require it to consume much of what it produces. Mined rare earths are turned into oxides, which are used to make metals and alloys that go into magnets.
The company has penned agreements with General Motors and Apple to supply them with its magnets. It said in May that it expected to begin shipping finished magnets to GM this year.
Meanwhile, Energy Fuels—which won $725 million in conditional government funding in June—plans to scale its production of rare earths and also has eyes on Asia.
